Headline

Oil Prices Jump As Hamas-Israel Attacks Fuel Supply Fears

Published

2 years ago

October 9, 2023

Israel, reeling from the deadliest attack in half a century, formally declared war on Hamas Sunday as the conflict’s death toll surged above 1,000 after the Palestinian militant group launched a massive surprise assault from Gaza.

Oil prices rallied while the dollar and yen advanced Monday after Hamas launched a shock attack on Israel at the weekend, sparking fresh concerns about tensions in the Middle East.

The crisis fanned concerns about supplies of crude from the region at a time when supply worries are already high owing to Saudi Arabia and Russia’s output cuts.

It has also renewed fears about the impact on inflation, with energy costs a key driver of spiking prices, giving a fresh headache to central banks as they try to ease up on interest rate hikes to avoid recessions.

The surprise attack and Israel’s declaration of war in response to it have left more than 1,000 dead and raised concerns that a potential broadening of the conflict could draw in the United States and Iran.

“Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia,” said ANZ Group’s Brian Martin and Daniel Hynes.

“Initially at least, it seems markets will assume the situation will remain limited in scope, duration, and oil-price consequences. But higher volatility can be expected.”

Both main contracts surged more than five percent in early Asian business before easing back as the day wore on.

However, SPI Asset Management’s Stephen Innes warned: “Historical analysis suggests that oil prices tend to experience sustained gains after the Middle East crises.

“Meanwhile, stocks tend to eventually recover and trend higher after an initial period of volatility. Safe-haven assets like gold and Treasurys, which initially see gains during such crises, tend to fade from their initial price spikes as the situation stabilises.

“But with Middle East analysts considering this to be a pivotal moment for Israel, the view looks incendiary in any current scenario.”

A decidedly risk-off mood also saw investors push into the safety of the dollar, which was up against the pound and euro, as well as the Australian and New Zealand dollars.

The yen, considered one of the safest currencies, strengthened against the greenback, though it still remains locked around 11-month lows.

Gold, another key haven, gained around one percent.

Equity markets were mixed, with Shanghai dropping on its first day back after a week-long holiday as investors continue to fret over the stuttering Chinese economy.

There were also losses in Mumbai, Singapore, Manila, Bangkok and Wellington, though Hong Kong rose in shortened trade, having been closed in the morning owing to a typhoon.

Sydney and Jakarta eked out gains. Tokyo was closed for a holiday.

London edged up while Paris and Frankfurt were lower.

The tepid performance came despite a rally on Wall Street, where traders welcomed data showing a forecast-busting jump in new jobs but wage growth slowing.

The “Goldilocks” figures — neither too strong nor too weak — lifted optimism the world’s top economy can avoid a recession even as the Federal Reserve keeps rates elevated.

Still, there are worries the bank will hike one more time before the end of the year, with officials determined to bring inflation to heel and keep it at their two percent target.
AFP

Headline

Renowned American Actor Jonathan Joss Shot Dead

Published

10 hours ago

June 3, 2025

Editor

A 59-year-old American actor widely recognised for his work on the animated series, King of the Hill, Jonathan Joss, was shot and killed on Sunday, during a dispute with a neighbour, BBC reported.

According to a statement released by the San Antonio Police Department on Monday, the actor was allegedly shot by 56-year-old Sigfredo Ceja Alvarez. Alvarez has since been arrested and charged with murder.

Authorities have not yet disclosed the circumstances leading to the fatal altercation. The investigation remains ongoing.

“Despite online claims of this being a hate crime, currently the investigation has found no evidence to indicate that the Mr Joss’s murder was related to his sexual orientation.

“Investigators handle these allegations very seriously and have thoroughly reviewed all available information.

“Should any new evidence come to light, the suspect will be charged accordingly,” the police said.

Joss was known for his voice role as John Redcorn on King of the Hill and had built a respected career in film and television, particularly for his representation of Native American characters.

Headline

Trump Says Putin ‘Playing With Fire’ In New Jab At Russian Leader

Published

1 week ago

May 27, 2025

Editor

US President Donald Trump warned Vladimir Putin Tuesday that he was “playing with fire,” launching a fresh broadside at his Russian counterpart over stalled Ukraine peace efforts.

Trump’s latest comments came after he called the Kremlin leader “CRAZY” over the weekend following a mass Russian air attack on Kyiv, and warned that Moscow risked new sanctions.

“What Vladimir Putin doesn’t realise is that if it weren’t for me, lots of really bad things would have already happened to Russia, and I mean REALLY BAD,” Trump said on his Truth Social network Tuesday.

“He’s playing with fire!”

Trump did not specify what the “really bad” things were or make any specific threats.

REA ALSO: Trump Revokes Harvard University’s Right To Enroll Foreign Students

But the Wall Street Journal and CNN both reported that Trump was now considering fresh sanctions against Russia as early as this week, while stressing that he could still change his mind.

Trump had told reporters on Sunday he was “absolutely” considering increasing sanctions on Moscow.

The US president’s recent rebukes mark a major change from his previous attitude towards Putin, whom he often speaks of with admiration and has previously held off criticising.

Trump has, however, expressed increasing frustration with Moscow’s position in deadlocked truce negotiations with Kyiv.

That frustration boiled over at the weekend when Russia launched a record drone barrage at Ukraine, killing at least 13 people.

“I’ve always had a very good relationship with Vladimir Putin of Russia, but something has happened to him. He has gone absolutely CRAZY!” Trump said in a Truth Social post on Sunday night.

Russia’s attacks have continued despite a phone call between Trump and Putin eight days ago in which the US leader said the Russian president had agreed to “immediately” start ceasefire talks.

Moscow on Tuesday accused Kyiv of trying to “disrupt” peace efforts and said its aerial assaults on Ukraine in recent days were a “response” to escalating Ukrainian drone strikes on its own civilians.

AFP

Headline

Check Out World’s Richest King With 38 Private Jets, 300 Cars, 52 Golden Boats

Published

1 week ago

May 25, 2025

Editor

While there are countless billionaires around the world, few match the regal wealth and extravagant lifestyle of King Maha Vajiralongkorn of Thailand—better known as King Rama X. According to The Business Standard, he is considered the richest king in the world, with a staggering estimated net worth of Rs 3.7 lakh crore (approximately USD 43 billion).

Unlike typical billionaires, King Vajiralongkorn’s wealth is rooted in centuries-old royal lineage and further amplified by modern investments. His fortune, inherited largely after the passing of his father King Bhumibol Adulyadej in 2016, has since been expanded through stakes in Thailand’s major companies and real estate holdings.

The monarch owns over 17,000 properties in Bangkok alone, making him one of the largest landowners in the country. His luxury collection includes over 300 high-end cars, 38 private jets, and a fleet of 52 golden boats, which are used exclusively for royal ceremonies and reflect the opulence of Thailand’s monarchy.

Born in 1952, Vajiralongkorn is the only son of King Bhumibol and Queen Sirikit. He received military education in the UK and Australia and is a trained jet and helicopter pilot. He graduated from the University of New South Wales with a degree in military studies and served in the Royal Thai Army, even taking part in anti-insurgency operations during the 1970s.

Despite his controversial personal life, including four marriages and frequent media scrutiny, King Vajiralongkorn remains a dominant symbol of Thailand’s royal legacy, luxury, and power.

Meanwhile, in India, Mukesh Ambani and Gautam Adani continue to dominate the billionaire charts. As of May 2025, Ambani, with an estimated net worth of USD 92.5 billion, holds the title of India’s richest person. Adani follows with USD 56.3 billion, with investments spanning energy, ports, and infrastructure.

In contrast to corporate billionaires, King Vajiralongkorn stands out not only for his immense wealth but also for a lifestyle that rivals any global celebrity or monarch.

Source: Financial Express